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9781119088363

John Bogle on Investing The First 50 Years

by
  • ISBN13:

    9781119088363

  • ISBN10:

    1119088364

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2015-04-27
  • Publisher: Wiley

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Summary

Get fifty years of industry-defining expertise in a single volume

John Bogle on Investing is a compilation of the best speeches ever delivered by one of the 20th century's towering financial giants. Individually, each of these speeches delivers a powerful lesson in investing; taken together, Bogle's lifelong themes ring loud and clear. His investing philosophy has remained more or less constant throughout his illustrious career, and this book lays it out so you can learn from the very best. You'll learn what makes a successful investment strategy, consider the productive economics of long-term investing, and how emotional investment in financial markets is often counterproductive enough to forfeit success. Bogle discusses the "fiscal drag" of investing, and shows you how to cut down on sales charges, management fees, turnover costs, and opportunity costs, as he unravels a lifetime's worth of expertise to give you deep insight into the mind of a master at work.

John C. Bogle founded Vanguard in 1974, then in the space of a few years, introduced the index mutual fund, pioneered the no-load mutual fund, and redefined bond fund management. This book wraps up the essence of his half-century of knowledge to deepen your understanding and enhance your investment success.

  • Learn why simple strategies are best
  • Discover how emotions can ruin the best investment plan
  • Examine the universality of indexing in the financial markets
  • Minimize the costs — financial and otherwise — associated with investing

John Bogle is still in there fighting, still pushing the industry onward and upward. Take this rare opportunity to have industry-shaping expertise at your fingertips with John Bogle on Investing.

Author Biography

JOHN C. BOGLE is founder and former chairman of the Vanguard Group of mutual funds and President of its Bogle Financial Markets Research Center. After creating Vanguard in 1974, he served as chairman and chief executive officer until 1996 and senior chairman until 2000. Bogle is the author of ten books including Enough.: True Measures of Money, Business, and Life, The Little Book of Common Sense Investing, and The Clash of the Cultures: Investment vs.Speculation, all published by Wiley.

Table of Contents

2015 INTRODUCTION TO THE CLASSIC EDITION OF JOHN BOGLE ON INVESTING: THE FIRST 50 YEARS IX

FOREWORD: PAUL A. VOLCKER XXIX

INTRODUCTION: WILLIAM T. ALLEN XXXI

PREFACE XXXV

SOME WORDS OF APPRECIATION XLIII

Part I Investment Strategies For The Intelligent Investor

1 Investing in the New Millennium: The Bagel and the Doughnut 5

2 The Clash of the Cultures in Investing: Complexity vs. Simplicity 17

3 Equity Fund Selection: The Needle or the Haystack? 33

4 Risk and Risk Control in an Era of Confidence (or Is It Greed?) 47

5 Buy Stocks? No Way! 66

6 The Death Rattle of Indexing 82

7 25 Years of Indexing: When Active Managers Win, Who Loses? 98

8 Selecting Equity Mutual Funds 108

9 The Third Mutual Fund Industry 122

Part II Taking On The Mutual Fund Industry

10 Mutual Funds: The Paradox of Light and Darkness 141

11 Economics 101: For Mutual Fund Investors . . . For Mutual Fund Managers 153

12 Honing the Competitive Edge in Mutual Funds 168

13 Creating Shareholder Value: BY Mutual Funds . . . or FOR Mutual Fund Shareholders? 180

14 The Silence of the Funds: Mutual Fund Investment Policies and Corporate Governance 196

15 Losing Our Way: Where Are the Independent Directors? 208

Part III Economics And Idealism: The Vanguard Experiment

16 Vanguard—Child of Fortune 221

17 The Winds of Change: The Vanguard Experiment in Internalized Management 231

18 Deliverance 246

19 The Lengthened Shadow, Economics, and Idealism 260

20 On the Right Side of History 270

Part IV Personal Perspectives

21 Changing the Mutual Fund Industry: The Hedgehog and the Fox 291

22 The Majesty of Simplicity 307

23 The Things by Which One Measures One’s Life 312

24 Telltale Hearts 316

25 Press On Regardless 327

Part V The Princeton Thesis

The Economic Role of the Investment Company 341

INDEX 451

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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